BillionareXchange: Luxury Auction Site For Bankrupt Billionaires Launches

03/18/2010 05:12 am ET | Updated May 25, 2011

NEW YORK (Reuters Life!) -- Millionaires down on their luck now have a place to sell their mega-yachts, super-cars and family jewels without having to resort to the pawn shop.

An Internet auction site devoted to millionaires launches officially on Monday and is likely to profit from the worst recession in decades, which has extended its reach to the rich and famous in the United States, BillionaireXchange said.

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